While single women own more homes than single men, they also spend more on homes they own than men, according to a new study from LendingTree.
LendingTree’s new study, using data from the U.S. Bureau of Labor Statistics 2021 Consumer Expenditure Survey, looks at spending disparities between the genders across 96 categories. For housing, the report found that women overall spend 1.29% more on owned homes than men do. This includes expenses such as mortgage interest, property taxes, and home insurance.
Key highlights:
- Annually, women overall spend $4,686 on owned homes, which accounts for 12.07% of their expenditures. Meanwhile, men overall spend $3,842, which accounts for 9.32% of their expenditures.
- For property taxes, women spend $1,533, which is 3.95% of their spending. On the other hand, men spend $1,357, which is 3.29% of their spending. This is a 1.2% difference.
- Women spend $16,223 on housing, 41.77% of their expenditures. Meanwhile, men spend $15,562, 37.77% of their expenditures. This makes a difference of 1.11%.
- When it comes to mortgage interest and charges, women spend $1,359, which accounts for 3.5% of their spending. On the other hand, men spend $1,326, which accounts for 3.22% of their spending. This is a 1.09% difference.
- Men’s expenditures are higher on rented dwellings (including rent, parking fees, maintenance and other related expenses): they spend $6,000, which is 14.56% of their spending. Meanwhile, women spend $5,051, 13.01% of their spending. This makes a difference of 1.12%.
- For household operations, women spend $1,054, 2.71% of their expenditures. On the other hand, men spend $825, 2% of their expenditures. This is a 1.36% difference.
- Women spend $1,784 on household furnishings and equipment, which accounts for 4.59% of their spending. Meanwhile, men spend $1,375, which accounts for 3.34% of their spending. This makes a difference of 1.38%.
- Lastly, women spend $989 on other household expenses, which is 2.55% of their spending. Meanwhile, men spend $786, which is 1.91% of their spending. This makes a difference of 1.33%.
Major takeaway:
“While the reasons behind their financial choices will vary by person, there’s some evidence to suggest that women prioritize homeownership more than men and are more willing to make sacrifices to become homeowners,” he says. “This can help explain not only why single women tend to spend more on homes that they own than men do, but also why single women are more likely to be homeowners, even if they tend to earn lower incomes. Men, on the other hand, might not be as keen to take on the commitment of buying a home. As a result, they could be more willing to spend a bit extra on a nice place to rent.”
For the full report, click here.
